How to Get the Best Deal on Your Life Insurance

Just like with retirement planning, shopping around for life insurance is not a task that many individuals look forward to. No one likes to think about their "end" but it's important to realise that in the worst case scenario you need to know that your loved ones will be left in a good position financially. Once you get over that initial hurdle, you would think that it would be simple to get sorted out with some life insurance, but the truth is that there are that many different packages available to you nowadays that it can be difficult to know which way to turn. In fact, if you don't know what you're looking for you can easily spend a lot more money than you really should have to. Sipan Capital has been serving the communities of Thornhill, Richmond Hill, Oakville and Mississauga for many years, providing solid financial planning advice and helping locate the best life insurance deals around for our clients. If you're looking for the latter, we would recommend you check out our tips below.

A Few of Our Top Tips When Shopping Around for Life Insurance

Life insurance certainly isn't the kind of thing that you should buy on impulse. It should be a carefully considered decision that you should only come to after doing the following things:
  • Comparing Lots of Packages - As already mentioned, when you start searching for life insurance you will undoubtedly come across countless different offers and you absolutely must not settle for the first one that catches your eye. That's a quick way to almost guarantee you won't get the best deal going. Instead, set aside some time to look at as many different deals as you can and compare what you get and how much you will have to pay for each one. Also explore all avenues from online brokers to large national insurance brokers to local brokers; the biggest broker doesn't always offer the best deal.
  • Clubs and Associations - If you are a member of any clubs, professional associations or business organisations it's often worth making enquiries as it's sometimes possible to get low cost life insurance through these channels.
  • Buy Life insurance When in Good Health - A lot of people wait and wait before they buy life insurance at which point it usually works out a lot more expensive than it would have done if that had purchased it some years earlier. In fact there's a common expression: The absolute worst time to purchase life insurance is when you actually need it. Don't fall in to that trap and buy it as early as possible.
  • Don't Insure Your Children - Insurance brokers will often attempt to extend the coverage to your children if you have any, but agreeing to this option doesn't make sense and I'll explain why in just a second. Life insurance is designed to protect the future of anyone that is financially dependent on you (which means that you only need it if someone is actually dependent on you). No one is financially reliant on your child though meaning they don't need to be insured. The only thing that this coverage does is bump up your premium.
  • Work Out How Much is Needed - Too many people start searching for life insurance without properly knowing the level of coverage that they require. The whole reason for buying life insurance in the first place is to replace your income with a lump-sum in the event that anything should happen to you. Should you get more coverage than you actually need (calculating outstanding debts and future costs can help you to work this out), you could end up paying considerably more than you really need to.
Finding the best life insurance deal for your particular situation can require a significant time investment and if you don't have the time available we would recommend you work with a financial planning expert instead. If you live in Thornhill, Richmond Hill, Oakville or Mississauga and would like to talk to our team about your requirements, call us today on 905-829-0959.

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